Understanding the standard Contract of Purchase and Sale (CPS) is essential in real estate, but it can become a challenge due to certain clauses that might create confusion for buyers, sellers, and REALTORS® alike.
Posts tagged with “Contract of Purchase and Sale”
Legally Speaking Standard Contract of Purchase and Sale Clauses: Common Misunderstandings and Confusions – Part Two #567 
Legally Speaking Standard Contract of Purchase and Sale Clauses: Common Misunderstandings and Confusions – Part One #566
Navigating the standard Contract of Purchase and Sale (CPS) is common in real estate, but it can get a bit tricky with some clauses that may confuse buyers, sellers, and REALTORS®.
Legally Speaking Wait, One More Thing – Amending Real Estate Contracts #565 
Written real estate contracts in BC provide clarity and enforceability, yet remain flexible if all parties consent to modifications. Learn more about the types and timing of amendments here.
Legally Speaking Revocation of Offers #563 
Revocation involves withdrawing an offer before a binding contract is formed, bringing legal risks for REALTORS®. It’s crucial to seek guidance from your managing broker and ensure your client seeks legal advice.
Legally Speaking Mental Health and Mental Capacity in Real Estate Contracts #560
It’s important for REALTORS® to consider how mental health issues impact a person’s ability to enter into real estate contracts.
Legally Speaking Stay Cool – New Home Buyer Rescission Period for Residential Real Properties Coming January 3, 2023 #555
BC’s new Home Buyer Rescission Period (HBRP) for residential real estate property takes effect on January 3, 2023 and while it is not a new concept, REALTORS® need to be aware of the effects of the new regulation
Legally Speaking Listing and Selling Tenanted Properties #553
Listing and selling tenanted properties can be complicated and add complexity to a transaction. From coordinating showings, to providing vacant possession, to provisions in contracts for standard adjustments at closing,
Legally Speaking Use Your Name Wisely #550
Despite good intentions, there are limits to how far a REALTOR® should go to help a colleague when it comes to business collaborations and opportunities.
Legally Speaking Federal Budget 2022: Taxation of Property Flipping, GST and Assignment Sales #548
The proposed federal budget for 2022 has introduced a number of new rules relating to real estate, including rules to dampen speculation in the market. REALTORS® should be aware of these changes.
Legally Speaking Assignment Terms – It’s All in the Contract #546
Licensees must ensure they read the terms of real estate contracts carefully and explain them to their clients. This is especially true when it comes to assignment clauses contained within contracts.
Legally Speaking Enforce Your Rights, or Lose Them #542
A recent decision out of the Ontario Court of Appeal has confirmed that an innocent party to a real estate transaction must enforce their rights when the defaulting party repudiates a real estate contract.
Legally Speaking Tips for Using Clauses and Amending Contracts of Purchase and Sale #541
While it may seem simple to change contract terms, there are important guidelines and principles for REALTORS® to keep in mind when drafting a contract or in making amendment.
Legally Speaking Four or More? Practice Tips for Transactions Involving Cannabis Properties #534 
While households can legally have up to four cannabis plants each, with exceptions made for those who have a license to grow medical cannabis, questions remain about the duties of real estate agents in transactions…
Legally Speaking Beyond Your Expertise: When to Recommend Clients Get Legal Advice #531 
What happens to licensees who don’t recommend legal advice on matters beyond their expertise?…
Legally Speaking Lost in Translation: Avoiding Misunderstandings When Dealing with Clients in Languages Other Than English #528
In BC, real estate contracts are only available in English. However, clients may prefer to communicate in a language other than English and may choose to work with a REALTOR® who can communicate…
Legally Speaking Suing for Unpaid Deposits #527
What happens when a buyer breaches a contract before the deposit is due and payable? Is the seller still entitled to the deposit if the transaction collapses due to the buyer’s breach?
Legally Speaking The First Law of Holes #517 
Will Rogers defined the first law of holes as follows: “When you find yourself in a hole; stop digging…
Legally Speaking Know Your Seller #513
Seller’s agents must be certain that they are dealing with the person with authority to list and sell the property…
Legally Speaking The Section 9 Trap #507 
When a residential listing agent receives an offer in the standard form, Contract of Purchase and Sale, the licensee should…
Legally Speaking Death at a Property #502
If someone dies at a property, is the death a material latent defect that must be disclosed in writing to all other parties before entering…
Legally Speaking Offer vs. Option vs. Contract of Purchase and Sale #499
Some conditions precedent are so imprecise or subjective that they prevent the formation of a contract…
Legally Speaking Failure To Disclose Proves Costly #498
In the summer of 2012, a seller was advised by his neighbour that environmental consultants were inspecting…
Legally Speaking Subject Removal #497
When is a party justified in refusing to remove a subject clause…
Legally Speaking Vacant Possession #495
Vacant possession means no one else is exercising possession rights in the property…
Legally Speaking Licensees Liable for Not Determining Seller’s Non-resident Status? #493
On March 25, 2017, several local newspapers ran a story with the alarming headline, “House buyer beware: Landmark court ruling…
Legally Speaking Recent Regulation Regarding Assignments #488
In May 2016, in response to public concern over the flipping of single family residential properties in a surprisingly robust residential market…
Legally Speaking Timing is Everything #482
In today’s busy marketplace, there is a greater risk of mistakes being made regarding dates and times in a contract, amendment, or other agreement for the sale or lease of land…
Legally Speaking Liability for Commission #481
A recent BC Supreme Court decision confirms that the Multiple Listing Contract (MLC) creates an equitable assignment…
Legally Speaking Non-Refundable and Absolutely Forfeited Means Exactly That #462
Prior to April 2012, Section 12 of the standard Contract and Purchase and Sale (CPS) provided that unless the balance of the purchase price was paid by the buyer on the completion date set out in the contract…
